India, Feb. 2 -- Silver markets have experienced a sharp and unsettling downturn recently after a period of extraordinary gains. After reaching multi-year highs near roughly Rs. 4,20,048 per kilogram on India's MCX futures and above $121.65 per ounce in global markets, prices have plunged significantly in a very short time.

Silver contracts fell by double-digit percentages roughly around 46 percent dropping from those peaks back below Rs. 2,25,805 per kilogram domestically and slipping toward $83.39 per ounce internationally as margin-linked selling, rapid profit-taking, and broader market stress forced a correction. This pullback is one of the steepest in recent memory, and has spilled over into equity and commodity markets at large.

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